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Avoid TradeKing like the plaque.

ghostofposterspast 8,430 1,531 February 2, 2016 at 08:58 AM
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Last Edited by ghostofposterspast February 2, 2016 at 09:03 AM
I'll admit that I have been a TradeKing fool for far too many years. It's a nuisance that their quote system is not reliable and they can't seem to figure out how to multiply two numbers together to tell you want your daily gains or losses are, (number of shares) * (how much the stock changed today) = daily gains or losses.

The big problem is that there are several outages a year. Sometimes it's only for a few hours. Sometimes for days. The current one is going on it's 4th day. It was out all weekend and extended out to the full trading day yesterday. As of the wee hours of the morning, I still couldn't log on. Now it's up but as they say not "100%". Meaning you may or may not be able to log in, you may or may not be able to place orders, you may or may not be able to cancel orders and you may or may not be able to withdraw your money.

They tell you to call in, good luck with that. Every customer is trying to call in.

TK management never acknowledges these problems. They never offer compensation. They'll toss out free trades to attract new customers. They won't do the same to keep current customers to put up with all this.

It's on the cheaper end at $5/trade, but is it worth saving $2/trade to put up with all this. You can lose more in one day than you'll probably save in a year. That is if you can even get your money back out.

Look at their facebook page for posts from very angry people.

I think it's time for me to move my assets out to another one of my brokers, that is if TK lets me.

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#2
Quote from ghostofposterspast View Post :
I'll admit that I have been a TradeKing fool for far too many years. It's a nuisance that their quote system is not reliable and they can't seem to figure out how to multiply two numbers together to tell you want your daily gains or losses are, (number of shares) * (how much the stock changed today) = daily gains or losses.

The big problem is that there are several outages a year. Sometimes it's only for a few hours. Sometimes for days. The current one is going on it's 4th day. It was out all weekend and extended out to the full trading day yesterday. As of the wee hours of the morning, I still couldn't log on. Now it's up but as they say not "100%". Meaning you may or may not be able to log in, you may or may not be able to place orders, you may or may not be able to cancel orders and you may or may not be able to withdraw your money.

They tell you to call in, good luck with that. Every customer is trying to call in.

TK management never acknowledges these problems. They never offer compensation. They'll toss out free trades to attract new customers. They won't do the same to keep current customers to put up with all this.

It's on the cheaper end at $5/trade, but is it worth saving $2/trade to put up with all this. You can lose more in one day than you'll probably save in a year. That is if you can even get your money back out.

Look at their facebook page for posts from very angry people.

I think it's time for me to move my assets out to another one of my brokers, that is if TK lets me.
You can get $5 trades at Ameritrade or Etrade if you have a large enough account and are a frequent trader. I would say at least $200 K account value is needed.
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#3
Robinhood is free but I think they have app only and it takes a while for cash to settle.
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#4
Quote from mitchflorida View Post :
You can get $5 trades at Ameritrade or Etrade if you have a large enough account and are a frequent trader. I would say at least $200 K account value is needed.
Yep. I talked to another one of my brokers today about when a dividend would post to my account. After that we moved on to chit chat about the market. Eventually I mentioned that one of my other brokers, I didn't name them, was down all day yesterday. He asked why I even had another broker. I said I like to spread things around but I did say they were cheaper. He asked me how much. I said $5/trade. Instantly he said it wouldn't be problem to match that due to the assets I had with them. I wish I had said something earlier. He said he would have to check with the "higher ups" to OK everything. He called back 5 mins later and said that my trades are now $5.
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#5
If you are serious about investing (meaning not just a hobby, but have serious life-changing sum invested in the market) you should really take a look at http://interactivebrokers.com
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#6
Quote from siid View Post :
If you are serious about investing (meaning not just a hobby, but have serious life-changing sum invested in the market) you should really take a look at http://interactivebrokers.com
Why use interactive brokers? I was thinking about using Robinhood.

But worried about tax paper work for doing about 20 trades in a year.
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#7
Quote from tennis4789 View Post :
Why use interactive brokers? I was thinking about using Robinhood.

But worried about tax paper work for doing about 20 trades in a year.
Best execution. Low (and I do mean REALLY low) brokerage, forex and margin fees. Easy access to lots of markets and lots of contract types.

If you're an active trader it certainly doesn't get much better than IBKR.
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#8
Quote from siid View Post :
Best execution. Low (and I do mean REALLY low) brokerage, forex and margin fees. Easy access to lots of markets and lots of contract types.

If you're an active trader it certainly doesn't get much better than IBKR.
Thanks will keep that in mind if I decide to start trading actively. I used to trade more years back. I pretty much broke even. I just don't feel confident that I would make much money trading stocks. I haven't met face to face anyone that actively traded successfully. Any tips on how to become a better trader? Books or anything? I've read a few.TIA
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#9
Quote from tennis4789 View Post :
Why use interactive brokers? I was thinking about using Robinhood.

But worried about tax paper work for doing about 20 trades in a year.
I began using Robinhood last summer and am very pleased with it. I would recommend it to anyone who doesn't mind doing their trading on their smartphone.
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#10
Quote from godfather927 View Post :
I began using Robinhood last summer and am very pleased with it. I would recommend it to anyone who doesn't mind doing their trading on their smartphone.
I think Robinhood is only for light traders to get their feet wet.
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#11
Quote from ghostofposterspast View Post :
I think Robinhood is only for light traders to get their feet wet.
Or investors who trade often enough that the commission fees begin to develop into a hindrance.
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#12
Quote from godfather927 View Post :
Or investors who trade often enough that the commission fees begin to develop into a hindrance.
And for investors that do that, Robinhood would simply be too limiting. Just the time it would take me to enter an order over using another broker would kill a lot of my trades. A real keyboard trumps a on screen keyboard everytime. What about complex orders? Does Robinhood support one triggers another? How about an API? Can you write scripts to do automated trading?
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#13
Quote from ghostofposterspast View Post :
And for investors that do that, Robinhood would simply be too limiting. Just the time it would take me to enter an order over using another broker would kill a lot of my trades. A real keyboard trumps a on screen keyboard everytime. What about complex orders? Does Robinhood support one triggers another? How about an API? Can you write scripts to do automated trading?
Hence my original post.

Quote from godfather927 View Post :
I began using Robinhood last summer and am very pleased with it. I would recommend it to anyone who doesn't mind doing their trading on their smartphone.
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#14
Quote from godfather927 View Post :
Hence my original post.
LOL. And hence my response to that post.

Quote from ghostofposterspast View Post :
I think Robinhood is only for light traders to get their feet wet.
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#15
Interesting. I've been using TradeKing for about six years and I have zero complaints.
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